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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
.jpg) If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, “Brexit means Brexit”, “no-deal Brexit” — day after day, terms related to the UK’s imminent departure from the EU are bandied repeatedly in British media and culture. And there’s so much uncertainty about what the UK’s EU divorce settlement will look like, it’s enough to make even the strongest Leave advocates grow weary.
Nevertheless, the date of the UK’s exit from the EU is fast approaching and failing a dramatic u-turn, as of 23:00 GMT on Friday March 29, 2019, the country will no longer be a member of the multinational trading bloc. With 95% of the UK’s international trade carried through its ports, shipping is an industry that will undeniably be impacted by the ramifications of Brexit. For companies, the uncertainty of how the UK’s trading relations with the EU will appear after the deadline is difficult to contend with.
The UK Government has sought to inform the public as to the implications for the trade in goods between the UK and EU nations of a no-deal Brexit — whereby the UK would leave the EU without agreement. Near the end of August, the UK Government published guidance entitled Trading with the EU if there’s no Brexit deal. The document explains what would happen to customs and excise procedures in the event of a no-deal scenario on March 29, as well as what businesses trading with the EU will need to know.
No-deal customs
According to the guidance, if the UK left the EU on March 29 without an agreement, the free movement of goods between the UK and EU would stop. The document continues by giving three examples of how businesses trading with the EU would be affected. Firstly, companies would have to apply the same customs rules to goods moving between the UK and the EU as those currently applicable to goods moving between the UK and non-EU countries (with customs duty potentially also due on EU imports). Customs declarations would therefore have to be made when products enter or leave the UK. Additionally, separate safety and security declarations would have to be made by the items’ carrier (normally the haulier, airline or shipping line, depending on the transport mode used to import or export them).
Secondly, the EU would put customs and excise rules on goods it gets from the UK in the same way it does for products it gets from outside the EU. This means the EU would require customs declarations on goods coming from or going to the UK, plus safety and security declarations. The third and final example is that for excise goods movements, the Excise Movement Control System (EMCS) would no longer be used to control suspended EU–UK movements. However, EMCS would still control the movement of duty suspended excise goods within the UK (including movements to and from UK ports and airports and the Channel Tunnel). Therefore, immediately upon UK importation, companies moving excise goods within the EU (including in duty suspension) would have to put them into UK excise duty suspension or pay duty.
Import/export info
For companies importing EU goods, a no-deal Brexit would mean following customs procedures the same way they currently do when importing non-EU goods. Thus, for EU goods going into the UK, import declarations would be needed, customs checks might occur and any customs duties would need payment. Before importing EU products, a firm would have to register for a UK Economic Operator Registration and Identification (EORI) number, ensure their contracts and International Terms and Conditions of Service reflect that they are an importer, consider how they would submit import declarations (including whether to use a customs broker, freight forwarder or logistics provider) and decide upon their items’ correct classification and value (and enter this on the customs declaration).
When actually importing EU items, a company would need a valid EORI number and would have to ensure their carrier has submitted an Entry Summary Declaration at the right time, submit an import declaration to HMRC using their software (or get their customs broker, freight forwarder or logistics provider to do so) and pay Value Added Tax (VAT) and import duties, including excise duty on excise goods unless the goods go into duty suspension (import VAT may also be due). When excise goods leave a customs suspensive arrangement, they might immediately gointo an excise duty suspension regime, and a business would have to declare them on EMCS for onward movement via a Registered Consignor. Companies might also have to apply for an import licence or give supporting documentation to import specific kinds of goods into the UK, or comply with the relevant customs import procedure’s conditions.
The UK Government’s stance is that both itself and the EU are seeking a positive deal, and in September, UK Prime Minister Theresa May said she believed that European Council president Donald Tusk had “clarified … there is hope and expectation for a deal on the side of the European Union”. However, she later noted that she had “always said no deal is better than a bad deal”, adding: “I think a bad deal will be a deal, for example, that broke up the United Kingdom.”
For businesses exporting goods to the EU, a no-deal Brexit would mean them following customs procedures like they do currently when exporting goods to a non-EU nation. Similar to the above, before exporting to this destination, they would need to register for an UK EORI number, ensure their contracts and INCOTERMS reflect that they are an exporter and consider how they would submit export declarations (again, including whether to use a customs broker, freight forwarder or logistics provider). When they do export, companies would need to possess a valid EORI number and submit an export declaration to HMRC (or get their customs broker, freight forwarder or logistics provider to do so — additionally, the export declaration may need to be lodged in advance so export permission is given before the goods leave the UK). Firms might also need to apply for an export licence or provide supporting documentation to export specific kinds of goods from the UK, or meet the terms of the relevant customs export procedure. When exporting duty suspended excise goods to the EU, a business would have to keep using EMCS to record the duty suspended movement from a UK warehouse or premises to the port of export.
For carriers, a no-deal scenario would mean them having to make a Safety and Security Declaration for goods moving between the UK and EU. This declaration comes in two forms: an Exit Summary Declaration (EXS) and an Entry Summary Declaration (ENS). A carrier generally needs to send an EXS to the customs authority of the country from which the consignment is being exported. For consignments exported from the UK, this declaration generally forms part of the Export Declaration. Additionally, a carrier must send an ENS to the customs authority of the nation the consignment is entering.
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Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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Showing 3821 to 3825 news of total 6871 |
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- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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